The countrys highest statutory accounting body, Institute of Chartered Accountants of India (ICAI) is witnessing a change in the placement priorities of the fresh chartered accountants (CAs).
The fresh CAs are looking forward to the financial outsourcing sector rather than the traditional fields.
This has become a trend among the students as more and more CA pass outs opt for jobs related to financial outsourcing, said T N Manoharan, president, ICAI, on the sidelines of CA students conference of western zone.
Manoharan said BPOs needed youngsters having knowledge of accountancy with accuracy for their financial outsourcing job. This is where the CA students come in picture. It is rather a Knowledge Process Outsourcing (KPO) sector that is becoming the favoured job destinations for the CA fresher, he added.
The country is already facing shortage of 30,000 CAs and the new job destination will further add to the shortage as more and more CAs will move towards jobs in BPO sectors.
BPOs pay somewhere between Rs 7.5 lakh per annum to Rs 12 lakh per annum to a fresh CA who has zero experience, he added.
This sector will further boom as the countrys accounting standards and regulations are at par with the international accounting practices which will be the major reason for more of the financial outsourcing work flowing into the country, said Manoharan.
In 2004, out of the total students joining the service sectors, 15 per cent joined BPO sectors. The figure doubled the next year. Of the 7,445 pass outs in 2005, around 6,179 students joined service sectors, out of which 35 per cent joined BPO sectors.
This year nearly 2,500 CA fresher have joined the BPOs, Manoharan added.
It seems that in the next five years, the number of students joining BPO sectors will increase to 50 per cent from the 35 per cent, said Manoharan.